During the first six months of this year, Guyana’s Gross Domestic Product (GDP) grew by 33.3% with the non-oil economy growing by an estimated 10.1%, President Irfaan Ali disclosed during a press conference on Monday.

He said the economy is now projected to grow by 20.8% by the end of 2026, and the non-oil economy by 10.2%.

The President said the growth in the economy represents the sixth consecutive year of expansion in the overall non-oil sector.

The mining and quarrying sector recorded significant growth, while the agriculture sector saw a decline.

“The Mining and Quarrying Sector is estimated to have expanded by 40.7% in the first half of the year. Of course, this speaks to the growing expansion taking place in our country, construction, development of industries, and industries lead to jobs, jobs lead to more income, and more income lead to better economic prospects. And that’s how the economic cycle works,” the President said.

The oil and gas sector grew by 41.3%, while the bauxite industry expanded by 7.3% and gold mining saw an 11.3% growth rate.

Other mining activities, which include sand, stone, manganese and diamond, are estimated to have grown by 40% during the first six months of the year.

However, the agriculture, forestry and fishing sectors saw some decline.

“The Agriculture, Forestry and Fishing sector, as you know, facing the same difficulties and challenges the region is facing in terms of transportation, logistics, increase costs of input like fuel and all of these things had a marginal contraction of 0.5% in the first half of this year,” the President said.

The President reported that the sugar and rice sectors expanded by 19.3% and 4.4% respectively, while other crops contracted by 6.4%.

He said that decline was a result of weather conditions, and other challenges.

The forestry sector is estimated to have grown by 15.4% and the fishing sector recorded a growth rate of 4.1%.

The manufacturing sector grew by 3%, while the services sector recorded an estimated growth of 7.2%, as the construction industry saw a boom in its growth of 24.7%.

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